Assessing the Economic Impact of Sports Facilities on Residential Property Values

Xia Feng and Brad Humphreys

Journal of Sports Economics, 2018, vol. 19, issue 2, 188-210

Abstract: We estimate the effect of proximity to two sports facilities in Columbus, OH, on residential property values. Results from a spatial hedonic model indicate that the presence of sports facilities in Columbus have a significant, positive, and distance-decaying effect on surrounding residential housing values, supporting the idea that professional sports facilities generate intangible benefits in the local economy. Ordinary least square (OLS) overestimates the hedonic model parameters compared with maximum likelihood and spatial two-stage least squares, suggesting that spatial autocorrelation plays an important role in this setting.

Keywords: residential property values; sports facilities; spatial dependence; spatial hedonic model (search for similar items in EconPapers)
Date: 2018
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Citations: View citations in EconPapers (23)

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Persistent link: https://EconPapers.repec.org/RePEc:sae:jospec:v:19:y:2018:i:2:p:188-210

DOI: 10.1177/1527002515622318

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